Review of Yale Lectures 1 and 2 What is a strictly dominated strategy? Why should you never play one? Why do rational choices sometimes lead to poor decisions?

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Presentation transcript:

Review of Yale Lectures 1 and 2 What is a strictly dominated strategy? Why should you never play one? Why do rational choices sometimes lead to poor decisions? Ex prisoner’s dilemma. Can’t we just “fix” it? What is a coordination problem? 0,03,-1 -1,31,1 0,03,1 1,30,0

Review of Yale Lectures 1 and 2 How does looking at what the other person will do change anything? Do I (row player) have a dominated strategy here? 0,0-1,-1 -3,31,1

Notation s i – strategy for player i S i – set of strategies for player i u i (s 1, … s i … s n ) s -i Strategies for all but player i. (In a two player game, the strategy for the other player) What is a weakly dominated strategy What is the difference between mutual knowledge and common knowledge? (ex: there is at least one pink hat)